Q4 Sales slip at WD-40 Co.

San Diego-based WD-40 reported net sales for the fourth quarter of $96.6 million, down 1% from the same quarter last year. For the full year, sales declined slightly to $380.5 million.

Net income for the fourth quarter was $14.4 million, up 1%. For the full year, net income also grew 1% -- to $52.9 million.

"Although stronger sales growth in fiscal year 2017 would have been a preferred result, I believe today's financial results demonstrate that our robust business model and global diversification can deliver record earnings - even in times of currency headwinds," said Garry Ridge, WD-40 Company's president and CEO.  

He added that the WD-40 Specialist line delivered 20% annual revenue growth in fiscal year 2017. 

The global company's net sales in the Americas were down 7% in the fourth quarter, primarily attributable to an 11% decrease in sales of maintenance products in the United States.